Answers
I have heard that there are ways to get your interest rate lowered. What are they. I just got off the phone with my credit card company and asked if I could get my interest rate lowered and they said no. They said I have the lowest interest rate they offer at 11.5%. Is it a myth that it's possible to get your rate lowered?
It's not something that's just doled out because that's how credit card companies make their money.
In the rare even that they oblige you, you have to :
1. Have an impeccable payment history, no lates or skipped payment on credit card or any other accounts
2. Have a good existing credit score
3. Have had the account for a minimum of 3 years.
Nowadays it's a rarity that they're lowering rates in the wake of the credit crunch.
There are reasons which make credit card interest rates so high. High credit card interest rates make having this kind of debt a bad idea ...
Several years ago I developed a chronic medical condition,lost my job & was unemployed several years. I used my savings to pay my credit cards until I missed 2 payments in a row. I contacted the credit card company, worked out a deal to pay them back.
I am now employed, current on my bills & have been for several months even though they are charging me an usurious interest rate 29.95% I believe. I have not used this card since several months before my missed payments. I contacted the card company to lower this amount but they refused.
What are my options?
You can call them to reduce the rate. They may reduce it slightly. Here's a trick that I do. I save all of the offers I get in the mail. Many times there are offers that will give you 0% or less than 5% interest if you transfer your balance from one card to another. So, basically you can carry a balance with little or no interest for 6 months to over a year in some cases.
Then, when the low rate is going to expire, do it again and transfer to another card with a great offer.
It is completely legal and really improves your credit. The credit report shows that you paid off a card in full, when all you did was just move the money around. However, with such low rates you should be able to pay off the debt.
Good luck
My husband and I between the two of us have on credit card from Capital One. Our Balance is 5000 with a limit of 6500, we do use the credit card atleast once a week and send out a payment of about 50 dollars once a week being that we do use the card.
(payments are 109.00 a month)
The only problem is that the interest rate is around 19% and it really is not putting a dent in the available credit.
How do we reduce the interest rate? Should we just stop using the card all together for a while? Should I call and ask for a lowered rate? What if they say no?
Any answeres would help. Thanks in Advance
You can definitly ask them to lower your interest rate! It is worth a try. If they say no, you could always contact a debt counseling company--they are able to lower your interest and monthly payment as well as consolidate your debts into one payment. I used Debt Counseling Corporation and they were great! My credit score is better now and i am debt free~! check out their website:
http://www.debtcounselingcorp.org
Price:
$5.95
$5.95
I want my credit card interest rate lowered now that I paid it off. What's the lowest that they would lower it with a credit score of 759? The current APR is 19.53%.
The lowest you can't get is 11%, I believe Discover offers that.
you might want to go here to compare them, http://www.bestcreditrates.net
How are credit card interest rates determined, and how can I find out the interest rate currently being charged on a particular card?
All credit card providers will offer several different cards with different interest rates - which it will advertise when trying to sell that card to you.
A lower rate usually means that you will have a shorter amount of time to pay the card off or less loyalty points will be on offer.
Which card you get including which interest rate depends on what your specific needs are, just shop around to find what one is best for you.
Buy Cheap
Wells Fargo Raises Credit Card Interest Rates
Wells Fargo is the latest bank to raise interest rates on its credit cardholders. The majority of the bank's credit cards will receive a 3% increase on interest rates according to South Florida Business Journal .
Cardholders who are effected by the increase should receive a 45-day advance notice of the increase along with instructions for opting out. If you decide to opt-out of the rate increase, your credit card will be closed and you'll have the opportunity to repay your balance at the lower interest rate. Wells Fargo isn't allowed to demand you repay the balance in full if you choose to opt-out of the rate increase.
Other credit card news:
just called Wells Fargo in response to my letter stating the rates go to 10.65% in December. I am currently on a promotional rate, asked to have my default rate held at 7.65%. Spoke with the first rep to answer the call, she could not help, so i asked for the Supervisor. Ended up with a “kevin” in Oregon. He was of no help despite my explaination of our many accounts, loans and all the years of Wells Fargo being our bank of choice. No reduction, just take it, or close the account. So i am seeing there a hardline approach, and am not pleased. Unless, as the previous commentor remarked, we see all banks giving the high rate treatement, I will be doing a balance transfer and WF can eat a bowl. I
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